CHENNAI: The fall of the rupee against the dollar may lead to the NRI community in the Middle East investing more on properties in India, says international realty consultant Jones Lang LaSalle (JLL).

The results are already being felt in the Chennai market. At a recent property exhibition in Dubai, a youth from Coimbatore who works in Dubai signed a cheque for 8.7 crore to buy 10 apartments in an integrated township on GST Road and two town houses in another gated community at Oragadam from Chennai-based developer Arun Excello.

Few major developers miss the Dubai exhibition as it helps them reach out to the NRI community. P Suresh, Arun Excello MD, said, “compared to previous years, the interest among Indians living in Dubai to invest in India is more this year. Dollar appreciation and stability in Chennai real estate prices can be cited as the reasons for this phenomenon. Investors are choosy. They park money only in projects that are progressing fast.”

The Dubai market, which had crashed following the fall of global financial services firm Lehman Brothers in 2008, has made a significant recovery in the past one year. In 2012, the residential market in the emirate appreciated by about 10%, according to Dubai Land Development authority’s statistics. During the year, real estate transactions in Dubai increased by 8% to Dh 154 million, said Ashutosh Limaye, head, research at JLL. Dubai, despite its fall and delayed recovery, continues to be the most favoured property investment destination in the Middle East.

This recovery is backed by huge investments made by expatriates, particularly those from India. Non-resident Indians are among the top five investor communities in the region.

With their natural affinity towards India and in the backdrop of the depreciation of the rupee against the dollar, they are expected to show greater interest in the Indian real estate market. Moreover, most Indian markets have seen an appreciation of more than 40% since the 2008 fall, said Limaye.

A recent survey conducted by Sumansa Exhibitions, organisers of the annual India Property show in UAE, shows that NRIs place a higher intrinsic value on property owned in India over that of property owned in Dubai or elsewhere. Dubai responds well to high end and mid segment projects, said T Chitty Babu, Akshaya MD.

He said, “the large Indian diaspora in the Gulf is an attractive market for Indian property developers. Setting up a beachhead in the UAE augurs well to capture NRI property investors looking for safe and reliable investment opportunities in their homeland.”

Like many other Chennai builders, Akshaya has a permanent office in Dubai. Inquiries from NRIs have been on the rise in recent weeks, said Babu.

Latest Realty News

CHENNAI: A survey on Chennai’s residential real estate analyses the economic and infrastructure drivers that would impact the demographic growth of the city’s metropolitan area. The study gives an outlook on the housing requirement and supply and its impact on prices. “The growth of auto hub and growth of IT/ITeS and BFSI industry has defined the growth of Chennai in the last decade and will continue to drive migration and need for houses. Chennai, which accounts for a major share of US $185 bil

CHENNAI: Government policy needs to include more thought from the corporate sector
The Real Estate industry is a key industry to which the growth of India’s GDP is directly linked. To discuss the complexity in the industry Confederation of Indian Industry (CII), organized its flagship ‘CII Real Estate Conclave ‘with the theme ‘Embracing The Complexity of Indian Real Estate’.

DELHI: India has its own unique and integral complexities and business is not an exception to it. Corporations strive for increased efficiency and productivity amidst these complexities. Real estate is an integral ingredient in the formation and growth of all businesses and steadily maturing into a big business itself.

MUMBAI: A common saying goes, to know "stress", organize a person's marriage or endeavor to build a house. Consider the various factors which affect the decision on the purchase or building of a house, they range from vastu, legal documentation, anticipated appreciation in value and maybe even the whims and fancies of the relatives. Clearly, factors which may cost a common man, seeking to obtain a roof over his head, many a nights sleep. Well, thanks to the Finance Act, 2013, the stress has been

CHENNAI: If you are looking for a residential area in Chennai that not only offers an affordable price range but also commendable connectivity to other parts of the city, Sithalapakkam is a good bet. The locality is a suburb of south Chennai and is placed between two lakes and a hill promising pollution-free surroundings.
Rajesh Katariya, proprietor Katariya Estates says, “After Medavakkam, which is close to IT hubs and SEZ area, Sithalapakkam is the area that is best for residential use.”
P

CHENNAI: Located in southern part of Chennai, Chromepet is gaining popularity in terms of real estate investment. Experts say that the destination assures returns. So, what makes it a preferred destination? Some reasons why one should invest in the locality are: